Plug Power Inc. (NASDAQ:PLUG), a leading provider of turnkey hydrogen solutions for the global green hydrogen market, today announces it has been selected by Fertiglobe (ADX: FERTIGLB) the strategic partnership between OCI NV (Euronext: OCI) and the Abu Dhabi National Oil Company (ADNOC) and Scatec ASA (OSE: SCATC), the Sovereign Fund of Egypt and Orascom Construction (NASDAQ Dubai: OC; EGX: ORAS), as the technology provider for a 100 megawatts electrolyzer to produce green hydrogen as feedstock for up to 90,000 tons of green ammonia production at EBIC in Ain Sokhna, Egypt.
Egypt is an ideal location to produce green hydrogen given its unique renewables profile with strong solar and wind loads, and close to markets with a hydrogen deficit. Green ammonia, produced from renewable energy such as solar and wind instead of natural gas, is a versatile product that is an ideal carrier fuel to store and transport hydrogen, and can help decarbonize numerous sectors which represent around 80% of current global Greenhouse Gas (GHG) emissions, including as an important alternative fuel in the power sector in Japan and other countries.
"Plug Power congratulates the members of Egypt's Green Hydrogen Consortium, including Fertiglobe, Orascom Construction and others, on their plans to develop the country's first green hydrogen production facility," said Andy Marsh, CEO of Plug Power. "We are thrilled by the Consortium's exciting move to put Egypt and the MENA region on the green hydrogen map."
Marsh Continued, "This order reinforces our strong booking momentum in the electrolyzer business and puts Plug Power well on its path to achieving its 2022 electrolyzer sales plan. Plug Power is aggressively pursuing an extensive sales pipeline of green hydrogen and green ammonia projects. We continue to establish meaningful global partnerships in the green hydrogen economy where we can deliver our commercial electrolyzer solutions."
Nassef Sawiris, Executive Chairman of OCI NV, commented: "We are excited to announce this key milestone in this essential piece of our hydrogen strategy. Plug Power is a leader in electrolysis technology, and this strategic partnership further solidifies our execution strategy. At start-up, this will be the largest green hydrogen and largest green ammonia application globally. Construction is expected to follow an accelerated schedule to showcase the green hydrogen facility during COP 27 in Egypt in November 2022, highlighting Egypt's and Fertiglobe's growing leadership in the renewable energy markets and commitment to a greener future."
Ahmed El-Hoshy, Chief Executive Officer of Fertiglobe, commented: "This is a huge step forward in our ambition to decarbonize our footprint to net zero by 2050, and simultaneously help our customers decarbonize. As an early mover in clean hydrogen-based fuels, we are pleased that Fertiglobe is partnering with Plug Power to deploy cutting edge technology at scale."